TWC's Britt to Retire at Year's End

Time Warner Cable chairman and CEO Glenn Britt will retire at the end of the year, replaced by current chief operating officer Rob Marcus, the company said Thursday.

In addition, Marcus was elected to the Company’s Board of Directors, effective immediately.

“Glenn has been an outstanding leader, transforming Time Warner Cable into an entertainment, communications and information powerhouse. He is a true visionary in the development and use of cutting-edge technology,” said N.J. Nicholas, Jr., lead director of Time Warner Cable’s Board in a statement. “The Board is confident that Rob is the right person to lead the company into the future. He has the vision, financial prowess, operating acumen and unrelenting drive that make him the ideal CEO. The Board is also very pleased that Glenn will remain Chairman and CEO through 2013 as part of our thoughtful and seamless transition process.”

“I have had the privilege of being in this industry for more than 40 years and witnessing first-hand the most momentous evolution in communications technology ever experienced – we have truly been at the forefront of changing the way the world communicates,” Britt said in a statement. “I’m proud that we’ve built a great company by understanding consumer trends and changing technology and working to put the two together to develop products and services people want. I’m proud that we have returned significant value to our shareholders. And I’m most proud of the 52,000 TWC employees who come to work every day focused on meeting our customers’ needs. I admire their dedication, and it’s been a true pleasure to be their colleague for the past four decades.

“I love this business, but I’m ready to retire knowing Rob is ready to lead,” Britt added. “I have worked with Rob for more than 20 years in his various roles, and worked side by side with him for nearly eight years as a member of the TWC senior management team. He is an accomplished executive, a strong strategic decision maker, and has a deep understanding of our company, our industry and what it will take to lead TWC into the future.”

Marcus added: “I am honored to succeed Glenn when he retires at the end of the year. Time Warner Cable is a great company, and I have tremendous respect for the commitment, intellect and inspirational vision with which Glenn has led us. Our competitively advantaged network, talented employees, robust customer base and strong tradition of innovation position us to build on the successes of Glenn's tenure. I look forward to leading our Company into a new era of world-class products, outstanding customer service and continued growth."